Netflix’s 6.5M India subscribers dwarfed by Prime Video and Disney, Bernstein says

Netflix has “not succeeded” in scaling up its enterprise in India whatever the worldwide streaming massive continuously lowering the subscription costs inside the nation, analysts at AllianceBernstein wrote in a report again to consumers Thursday.

The U.S. streamer has about 6.5 million subscribers in India, as compared with Prime Video’s 20 million inside the South Asian market, the analysts wrote. Disney+ Hotstar continues to dominate the market with over 40 million subscribers.

AllianceBernstein attributed Netflix slower progress in India to lack of native content material materials, saying solely 12% of the titles the worldwide streamer provides inside the nation have been native content material materials. About 60% of Prime Video’s catalog in India, in contrast, was in dwelling languages.

The poor reception in India comes no matter Netflix continuously lowering the prices inside the nation even as a result of it has almost raised the prices in all totally different key markets. Netflix inked a “first-of-its-kind” take care of Jio Platforms, India’s largest telecom operator, to bundle the streaming service with the service’s pay-as-you-go plans in August.

“Perhaps the lesson from India elements to every the need for bigger density of local-language content material materials as we described above, however moreover a recognition that in a lot of rising markets, price is way much less tied to a comparability with totally different streaming corporations and further tied to a rather a lot lower worth of linear TV or Net video. India, as an example, might be going YouTube’s largest market, and a key progress house for social media names,” the analysts wrote.

Netflix didn’t immediately reply to a request for comment.

Disney’s Hotstar continues to dominate its opponents in India, due to its cricket streaming selections, which continuously entice lots of of 1000’s of dwell viewers all through matches. The platform is even offering free streaming of the continued ICC Cricket World Cup, an event that may remaining over 45 days, to all cell clients. JioCinema, the most recent enterprise by billionaire Mukesh Ambani, is taking an internet web page from Disney’s method — of buying rights to high-profile cricket matches — and is increasingly more rising as a formidable contender.